Stablecoin issuer Paxos completes $300 million Series D funding at a $2.4 billion valuation
This article comes fromForbes, original author: Nina Bambysheva
Odaily Translator |
This article comes from
Forbes
Forbes
, original author: Nina Bambysheva
Odaily Translator |
Paxos, a blockchain infrastructure company, completed a $300 million Series D financing today, led by Oak HC/FT, with participation from PayPal Ventures, Declaration Partners, and Liberty City Ventures. This is one of the largest funding rounds for a cryptocurrency and blockchain startup.
The valuation of the financing company is 2.4 billion U.S. dollars, and the total financing amount of Paxos currently exceeds 500 million U.S. dollars. It is reported that in December 2020, Paxos received US$142 million in Series C financing, led by Declaration Partners, with participation from PayPal Ventures, RIT Capital Partners and investment banking legend Ken Moelis.Paxos plans to use the proceeds from the financing to expand its regulatory compliance infrastructure, increase headcount, and scale its operations by increasing platform capacity and exploring acquisition opportunities. What's more, Paxos CEO and co-founder Charles Cascarilla said the company's goal is to serve three to five new customers on the same scale as PayPal.Paxos' technology powers PayPal and its subsidiary Venmo's crypto brokerage service, enabling millions of users to buy, hold and sell bitcoin and a handful of other major cryptocurrencies. The company's other products and services include the U.S. dollar stablecoin Paxos Standard (PAX), a stock settlement service used by Credit Suisse, Societe Generale and Revolut, and cryptocurrency exchange itBit.
Additionally, Paxos is
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